First Bank Director Acquires N177.9m First HoldCo Shares

First HoldCo Plc has disclosed that Anil Dua, a non-executive director on the board of its banking subsidiary, First Bank of Nigeria, acquired shares worth N177.9m in the company.

The transaction was disclosed in a filing signed by the Group Company Secretary, Abiola Baruwa, and submitted to the Nigerian Exchange.

According to the disclosure, the acquisition involved the purchase of 2,558,259 ordinary shares at N69.56 per share on May 11, 2026, under transaction reference code NGFBNH000009.

The acquisition came amid renewed investor interest in the company’s shares following strong first-quarter earnings performance and plans to strengthen its capital base.

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Following the transaction, First HoldCo shares closed at N74.55 per share, representing a 7.17 per cent increase above the acquisition price.

The stock also recorded a daily gain of 9.96 per cent, while trading activity surged significantly on the Nigerian Exchange.

Market data showed that more than 148 million shares of First HoldCo were traded on May 11, making it the third most actively traded stock on the exchange behind Access Holdings Plc and Veritas Kapital Assurance Plc.

The trading activity represented the company’s highest daily volume recorded so far in 2026, surpassing the 106 million shares traded on February 13.

The stock opened the year at N47.90 and climbed to a 2026 high of N77 on April 22 before declining to N60.05 per share on May 5.

However, renewed buying momentum emerged from May 6, with the stock posting consecutive gains driven by positive investor sentiment around the group’s financial performance and capital raising plans.

On May 8, the stock gained 9.98 per cent to close at N67.80 before extending the rally with another 9.9 per cent increase on May 11, the same day the director acquired the shares.

The renewed market interest followed the release of the group’s first-quarter 2026 financial results, which showed strong growth across key earnings indicators.

First HoldCo reported that pre-tax profit rose by 72.20 per cent to N321.1bn in the first quarter of 2026 from N186.4bn recorded in the corresponding period of 2025.

The group’s interest income increased to N704.4bn during the quarter, supported mainly by earnings from loans and advances to banks and customers.

According to the results, loans and advances jointly contributed N511.48bn, while investment securities generated N192.97bn.

Non-interest income also recorded significant growth, rising by 111 per cent to N219.22bn in the review period.

The increase was driven by stronger net fee and commission income alongside higher gains from the sale of investment securities.

In addition to the earnings performance, the company recently announced plans to seek shareholder approval to raise up to N253bn as part of efforts to strengthen its capital base.

The proposal is expected to be presented at the company’s 14th Annual General Meeting scheduled for May 29, 2026.

According to the company, the planned capital raise forms part of broader efforts to achieve a N1tn capital base and improve its regulatory and balance sheet position.

First HoldCo stated that the proposed fundraising could be executed through one or more equity instruments depending on market conditions and board approval.

The company said the exercise could involve a public offer, private placement, rights issue, bonus issue or scrip dividend structure subject to final regulatory approvals.

The share acquisition by a board member is also being viewed by market participants as a signal of confidence in the company’s future performance and valuation outlook.

The development comes amid increased activity in the Nigerian banking sector as financial institutions move to strengthen their capital positions ahead of evolving regulatory requirements and expansion plans.